Crypto goes red: BTC, ETH, XRP, SOL keep spiraling, but interest is still high

Bitcoin is holding just above $83,000, but the market is feeling the pressure. Around $2 billion in positions have been liquidated, and there’s been a major wave of money leaving crypto funds. Spot Bitcoin ETFs saw over $903 million in outflows, while Ethereum products lost another $261 million.

Realized losses on Bitcoin have jumped sharply, hitting levels similar to what we saw during the FTX collapse. A lot of short-term holders are selling at a loss, which is adding even more downward pressure.

Ethereum is stuck near $2,700, struggling to break past the $3,200 resistance zone. Solana and XRP also slipped below key support levels, both seeing heavy selling over the week.

But it’s not all bad news.

Even with the market weakness, institutions aren’t backing away from crypto. In fact, a brand-new XRP ETF launched on the New York Stock Exchange and pulled in solid interest on day one.

The Bitwise XRP ETF started trading on November 20, moving about 1.14 million shares—roughly $25 million in volume. That’s lower than early predictions, but still a strong debut considering the market slump.

The ETF is backed fully by real XRP, held by Coinbase, and tracks the CME CF XRP-Dollar Reference Rate to help avoid price manipulation. Bitwise is also waiving its 0.34% fee for the first month on the first $500 million in assets to bring in early buyers.

This follows Bitwise’s broader push into crypto products, including an XRP ETP it launched in Europe back in 2022.

Onchain data shows that large holders (“whales”) have been selling, which is adding to market caution. Many traders are waiting for a clearer signal before deciding where Bitcoin, Ethereum, and the rest of the market go next.

Here’s a quick look at where major coins stand after a rough week:

Crypto is clearly in a correction, but the mix of rising institutional interest and new ETF launches shows the space is still evolving fast—even when prices are shaky.